First-time Buyer Numbers at New Low
The tightening of lending criteria is increasingly making it hearder for first-time buyers to get on the property ladder. Figures released today show that first-time buyers now account for 34% of the housing marlet, down from 38% in July, the lowest proportion since August 2007.Mortgage approvals for first-time buyers was don in July, despite the overall number of approvals rising. So first-time buyers are either just staying away from the current market and/or are finding it harder to get a mortgage. 20% depsoits for first-time buyers are the norm and rates are from from the historic lows that may be expected as banks look to rebuild their balance sheets.
Without first-time buyers underpinning the housing market, the chances of a further fall in house prices is far more likely
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